What are the limitations of the free version of FRAPS?

I know there is a downloadable version of FRAPS for free. However, I don't know what kind of limitations this version has.

Neither the download page nor the support (FAQ) page describe the limitations. The "buy" page only lists these as the full version advantages:

• Record as long as you like.
• Perform full-size recording with no watermarks on your movie.
• Capture screenshots directly to JPG, PNG and TGA formats!

But I have a feeling this is not the whole story. What are the actual limitations of the free version of FRAPS? Is it time-limited? Are there nagging screens? Is there a watermark while playing the game? Is there any feature that is not available in this version? Is there anything else I haven't mentioned?

The free version of FRAPS has a thirty second recording limit, and embeds a watermark at the top of the recorded video. (You may have seen Youtube videos of games with "www.fraps.com" at the top in white text, which are thirty seconds long or less - this is why). Additionally, when saving screenshots, it can only do so in BMP format.

These are the only limitations on the free version. It doesn't place a watermark during gameplay, only on the recorded video. All other features are functional.